What Is a Series 7 Securities License? The Series 7 license or general securities representative (GS) license allows the holder to sell almost all individual securities, including common and preferred stocks, call and put options, bonds, and other fixed income .
What is a FINRA Series 24 license?
The Series 24 is an exam and license entitling the holder to supervise and manage branch activities at a broker-dealer . It is also known as the General Securities Principal Qualification Examination and was designed to test the knowledge and competency of candidates aiming to become entry-level securities principals.
What is a series 8 license?
The Series 9/10 exams are administered by the Financial Industry Regulatory Authority (FINRA) and were formerly known as the Series 8 Exam. As the name would suggest, the exam is broken into two parts; the Series 9 is the shorter and covers options sales and trading, as well as regulation and administration.
Can I get my Series 7 without a sponsor?
To take the Series 7 exam, you must be sponsored by a FINRA member firm or a self-regulatory organization (SRO). Firms apply for candidates to take the exam by filing a Uniform Application for Security Industry Registration or Transfer (Form U4).
What is a Series 7 and 63 licenses?
The Series 7 and Series 63 licenses are the basic broker licenses , although the Series 63 license is state-specific. ... The person you may work with for investing purposes may not prove to be a broker per se, but is a registered representative employed by a licensed broker or dealer.
How difficult is Series 24 exam?
An Overview of the Series 24 Exam
We won't refute that reputation – it's a very challenging test . ... During the 3 hours and 45 minutes allotted for taking the exam, candidates are challenged by a broad array of subject matter that a securities principal might encounter on a daily basis.
Who Should Take Series 24?
According to FINRA, a Series 24 license allows candidates to act as principals for general securities broker-dealers . Individuals who pass this challenging exam will be licensed to manage colleagues who work in a FINRA member's securities or investment banking businesses.
How long is Series 7 GOOD FOR?
The Series 7 license is good for the entire period that you work for a FINRA-member firm or self-regulatory organization (SRO). It only expires if you are terminated or leave a firm and do not find employment within two years at another FINRA-member firm or SRO.
How much does the Series 7 cost?
How Much Does It Cost to Take the Series 7 Exam? The exam fee for the Series 7 is $245 . Often the fee is covered by your sponsoring FINRA member firm – be sure to check with your sponsor.
Do you need a Series 7 to be a trader?
Broker. While both types of work require the same Series 7 securities license , work as a trader is much different than working as a stock broker. ... As a trader you may also work to complete the transactions the retail brokers receive from customers.
Is series 6 or 7 harder?
Of the two, the Series 7 is the tougher but more comprehensive exam. It allows you to deal with almost any type of security, from stocks to bonds to investment trusts and funds, that a professional or retail investor would want.
Do you need a sponsor for Series 65?
Eligibility. You do not need to be employed by or sponsored by a FINRA member firm in order to register and take the series 65 exam. ... Both can be done electronically on FINRA's website. This exam is one of the more basic exams and does not require any other prerequisites to be eligible.
Is the SIE harder than the Series 7?
The Series 7 Goes Deeper
The Series 7 exam is essentially a much more difficult SIE exam . It has 125 questions (plus 10 extra that don't count toward your score) vs 75 for the SIE exam. A key difference in the SIE vs Series 7 is that the content goes much deeper for the Series 7.
Is Series 7 or 63 Harder?
For instance, by contrast the Series 7 Top-Off difficulty level is much higher than the Series 63 . Thus, students often underestimate the Series 63 difficulty level given its shorter length and thinner text, and thus under-study.
What is the difference between the Series 7 and Series 63?
Description. A Series 7 license allows financial agents or representatives to sell securities . A Series 63 license allows these professionals to sell securities in a specific state. All financial professionals interested in selling securities are required to pass the Series 7 exam.
How hard is it to get Series 7 and 63?
Though it may seem a bit daunting, especially if you have no industry experience, the Series 7 is, in fact, a medium difficulty exam. ... On average, the pass rate for the Series 7 exam is around 65% . Comparatively, about 86% of candidates pass the Series 63 on their first attempt.
